Sears Gets Boot From S&P 500

The retailer has been a part of the index for more than 55 years

First under the name Sears, Roebuck & Co., Sears Holdings (NASDAQ:SHLD) — has been a member of the S&P 500 since the index debuted in 1957. However, after the bell rings on September 4, the retailer will be booted from the S&P and replaced by chemical maker LyondellBasell (NYSE:LYB), CNBC reports.

Ironically, Sears has performed well in the S&P 500 this year. But the past few years have been tough on the icon, which is one of America’s oldest retailers.

Amid the news, SHLD shares have plummeted more than 7.5% during afternoon trading Thursday.